Ishiba of Japan advocates for the expansion of the Asia-Pacific trade alliance
Prime Minister Shigeru Ishiba of Japan has underscored the importance of protecting rules-based, free, and multilateral trade systems, particularly in light of escalating U.S. tariffs. He also emphasized the need to expand the dominant Asia-Pacific trade group.
In a global forum in Tokyo, Ishiba voiced his concern over high tariffs, stating they would hinder economic growth. He expressed Japan's intention to work in tandem with the U.S. on investment, job creation, and manufacturing high-quality products, fostering prosperity for both nations and the world.
The prime minister's comments follow ongoing negotiations between Japan and the U.S., with Japanese chief tariff negotiator Ryosei Akazawa currently engaged in talks in Washington, D.C. These discussions aim to persuade the U.S. to rescind recently imposed tariffs. Japan has yet to secure any U.S. concessions.
As part of its bargaining strategy, Japan is reportedly considering increasing purchases of American farm products and defense equipment. Previously, Prime Minister Ishiba had a phone conversation with U.S. President Donald Trump to discuss the upcoming negotiations, expressing expectations for a deeper understanding between the two leaders.
Ishiba called upon Asian economies, considered a global growth hub, to highlight the significance of a rules-based, free, and fair economic order. He mentioned that the CPTPP, a 12-nation alliance excluding the U.S., could serve as a platform to promote this philosophy. The CPTPP includes Japan, the U.K, New Zealand, Australia, Brunei, Canada, Chile, Malaysia, Mexico, Peru, Singapore, and Vietnam.
In his speech, Prime Minister Ishiba also advocated for strengthening regional multilateralism as a countermeasure against rising protectionism and Chinese influence, primarily through infrastructure investment. He highlighted the need for free trade, technological cooperation, and talent exchanges with Asian countries to bolster economic security and regional innovation, particularly in sectors such as artificial intelligence and semiconductors.
- The prime minister's call for a rules-based, free, and fair economic order extends to the broader realm of business and finance, emphasizing the need for cooperation among Asian economies to counteract rising protectionism.
- In his speech, Prime Minister Ishiba also brought up the significance of politics in the current economic climate, advocating for regional multilateralism as a strategy to check Chinese influence and uphold free trade, especially in critical sectors like artificial intelligence and semiconductors.
